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    Rte 17 & Ml Dr Fredericksburg, VA 22408
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    Rte 17 & Ml Dr Fredericksburg, VA 22408

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    • Land
    • 18.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Rte 17 & Ml Dr

    Lot size
    18.00 lot acres
    Property type
    Land

    Description

    This exceptional 18-acre vacant land parcel presents a unique investment opportunity in Spotsylvania County, Virginia. Situated at the intersection of Route 1 and Route 17/Mills Drive, this property boasts a high traffic count of 55,000 vehicles daily. The land is part of Cosner's Corner, the largest mixed-use development in Spotsylvania County, currently encompassing over 980,000 square feet and projected to reach 1.5 million square feet upon completion. This thriving development includes a new residential community with over 400 units, and the VYSA and FASA Soccer Complex, attracting over 250,000 visitors annually. The property's strategic location offers close proximity to significant amenities, including the Spotsylvania Regional Medical Center (a 126-bed hospital) and Germanna Community College (6,000 students). Phase I of The Haven at Cosner's Corner luxury apartments, comprising 256 units, is complete, with Phase II adding more than 100 additional units. One-acre pad sites are available for sale or lease, making this an ideal location for a variety of commercial ventures, benefiting from the high visibility and substantial foot traffic generated by the surrounding development. The property's address is Route 17 & Mills Drive, Fredericksburg, VA 22408.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Fredericksburg
    County
    Fredericksburg City
    State
    Virginia
    Longitude
    -77.3944
    Latitude
    38.2384

    Comparable in this City

    • Value Estimation by Request
      3.52 Acres

      5405 Southpoint Centre Blvd

      Land • 3.52 Acres
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      7.51 Acres

      Shannon Dr

      Land • 7.51 Acres
      0 Shannon Dr, Fredericksburg, VA 22408
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      107.00 Acres

      Hall Industrial Dr

      Land • 107.00 Acres
      0 Hall Industrial Dr, Fredericksburg, VA 22408
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      Jim Morris Rd

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      0 Jim Morris Rd, Fredericksburg, VA 22408
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    • Value Estimation by Request
      5.21 Acres

      3625 Sunday Ln

      Land • 5.21 Acres
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      8.17 Acres

      Billy Days Rd

      Land • 8.17 Acres
      0 Billy Days Rd, Fredericksburg, VA 22408
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    Similar Nearby for Sale

    • Contact for pricing

      Spotsylvania County Development Opportunity

      5.21 acre lot zoned I-1 and R-2 for sale.
      3625 Sunday Ln, Fredericksburg, VA 22408
      View Details
    • New
      $199,000
      Pending

      Spotsylvania Land Ready For Development

      6.6 acre lot suitable for residential or commercial development.
      Jim Morris Rd, Spotsylvania, VA 22408
      View Details
    • $295,000

      Fredericksburg Commercial Land Parcel

      6.6 Acres, High-Density Potential
      0 Jim Morris Rd, Fredericksburg, VA 22408
      View Details
    • Contact for pricing

      Spotsylvania County Land Parcel

      Large land parcel in Spotsylvania County, totaling 171.96 acres.
      11 Lots, Fredericksburg, VA 22408
      View Details
    • $6,000,000

      Land Parcel on Massaponax Church

      Land with potential zoning variations available for sale.
      4720 Massaponax Church Rd, Fredericksburg, VA 22408
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      6,000 SF

      Prime Fredericksburg Medical Office

      6,000 SF Medical/Commercial Space
      4550 Empire Ct, Fredericksburg, VA 22408
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    • $17 SF/Yr
      4,787 SF

      Houser Drive Warehouse Space Available

      Fredericksburg City industrial warehouse, 4,787 sq ft.
      10894 Houser Dr, Fredericksburg, VA 22408
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    • Contact for pricing

      Commercial Land for Lease

      Located near major retailers and medical center in Fredericksburg, VA.
      Mills Dr, Fredericksburg, VA 22408
      View Details
    • Contact for pricing

      Commercial Land Near VRE Station

      Commercial land for rent, convenient location, multiple uses.
      2128 Mills Dr, Fredericksburg, VA 22408
      View Details
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    Fredericksburg, VA 22408
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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